Well-known market analyst EGRAG recently highlighted that XRP is in a strong position and predicted its next move should Bitcoin (BTC) collapse from here.
EGRAG noted this when it updated its outlook on a previous price analysis. Notably, the analyst predicted that XRP is on the verge of a massive rally that could lead to this explode to $5 in the next 90 days. Given that XRP was priced at $0.5624 at the time, this prediction was bold.
XRP in a strong position
During EGRAG's first forecast, XRP changed hands below the key Price range $0.60. The asset had collapsed along with the broader market on January 3 when the Bitcoin price drop was triggered by pessimistic reports on site BTC ETF outlook.
Although XRP broke below $0.60 and struggled to recover its price, XRP seemed attractive to EGRAG. Shortly after its initial analysis, XRP rose to a high of $0.6240 five days ago. However, it collapsed when Bitcoin crashed along with the rest of the market on January 12th.
XRP has seen two days of price crashes this year, a 6.77% drop on January 3rd and a 5.32% plunge on January 12th. Each of these price crashes was triggered by a Bitcoin collapse. EGRAG's latest analysis suggests that this trend will continue, albeit at a much slower pace.
According to him, XRP is currently in a strong position. However, the analyst emphasized that the token would not escape unscathed if BTC experiences another decline.
Interestingly, former BitMEX CEO Arthur Hayes previously predicted a massive correction for BTC after ETF approval.
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Possible effects of a BTC dump
XRP has always been one of the biggest victims of a Bitcoin crash. Still in his latest DisclosureEGRAG believes that an impending Bitcoin decline would impact the price of XRP, but is confident that XRP would be more resilient than other altcoins.
Regardless of whether this decline occurs or not, the analyst remains optimistic The Long-Term Prospects of XRP. Data from its charts shows that XRP is currently trading around its macro support line.
EGRAG has used this support level to predict an impending bull market rally. A bull market bounce is a short recovery in prices within a larger uptrend.
This refers to an increase in price after a period of decline, reflecting a possible resurgence in investor confidence. EGRAG believes the first wave of this impending bull market rebound could last several months.
XRP 1D chart | EGRAG crypto
According to his predictions, there would be a sustained uptrend for XRP that would lead to this coveted $5 target. This would mark a 770% increase from the current XRP price of $0.5742.
The crypto asset is currently trading above its 200-day EMA ($0.5718), indicating long-term bullish momentum.
This pattern adds additional weight to EGRAG's prediction of a long-term uptrend. However, in the short term, XRP remains bearish, as signaled by its daily MACD and 50-day EMA position.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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